Yes, the y2k crisis was real, or more accurately, would have been a serious crisis if people had not rushed and spent lots of money to deal with it ahead of time. In many systems it would have been no big deal if unfixed, but there were a huge number of really important systems that would have been a serious problem had they not been fixed. Part of the challenge was that this was an immovable deadline, often if thing…
Whole businesses would be ground to a halt to stem the mess of bad data and if not prepared they would not have quick fix.
In many cases in the age of apps and web apps we can roll out fixes fairly quickly, but in 2000 that was very much not the case for most situations.